Sharif pledges $ 5 bn for oil, gas exploration in Pakistan
OIL & GAS

Sharif pledges $ 5 bn for oil, gas exploration in Pakistan

Prime Minister Shehbaz Sharif, presiding over a meeting with oil and gas sector companies, announced that Pakistan is expected to receive an investment totalling $ 5 billion over the next three years. This investment, from both local and international firms, aims to explore and develop petroleum and gas reserves within the country. The initiative seeks to reduce Pakistan's dependence on foreign oil imports, which currently incurs substantial costs and affects the economy.

During the meeting, it was disclosed that approximately 240 sites would be excavated as part of this investment, focusing on exploring petroleum and gas resources across Pakistan. Currently, Pakistan's daily domestic production comprises 70,998 barrels of oil and 3,131 million standard cubic feet of gas.

Prime Minister Sharif emphasized the significance of prioritizing local exploration efforts, stating, "Exploring oil and gas reserves within Pakistan is our primary objective." He highlighted the substantial foreign exchange savings expected from reducing oil imports, which would ultimately benefit the country's economy and provide relief to consumers coping with high fuel prices.

Additionally, Prime Minister Sharif invited companies in the petroleum and gas exploration sector to explore offshore reserves as well, underscoring the government's commitment to expanding energy resources independently.

In summary, the investment announcement underscores Pakistan's strategy to boost domestic energy production, mitigate foreign exchange expenditures, and alleviate the economic burden on its citizens due to high fuel prices.

Prime Minister Shehbaz Sharif, presiding over a meeting with oil and gas sector companies, announced that Pakistan is expected to receive an investment totalling $ 5 billion over the next three years. This investment, from both local and international firms, aims to explore and develop petroleum and gas reserves within the country. The initiative seeks to reduce Pakistan's dependence on foreign oil imports, which currently incurs substantial costs and affects the economy. During the meeting, it was disclosed that approximately 240 sites would be excavated as part of this investment, focusing on exploring petroleum and gas resources across Pakistan. Currently, Pakistan's daily domestic production comprises 70,998 barrels of oil and 3,131 million standard cubic feet of gas. Prime Minister Sharif emphasized the significance of prioritizing local exploration efforts, stating, Exploring oil and gas reserves within Pakistan is our primary objective. He highlighted the substantial foreign exchange savings expected from reducing oil imports, which would ultimately benefit the country's economy and provide relief to consumers coping with high fuel prices. Additionally, Prime Minister Sharif invited companies in the petroleum and gas exploration sector to explore offshore reserves as well, underscoring the government's commitment to expanding energy resources independently. In summary, the investment announcement underscores Pakistan's strategy to boost domestic energy production, mitigate foreign exchange expenditures, and alleviate the economic burden on its citizens due to high fuel prices.

Next Story
Real Estate

Rethinking Slum Development

In July 2024, the Supreme Court directed the Bombay High Court to initiate suo motu proceedings to evaluate the implementation of the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act.During the ensuing proceedings, the Division Bench of Justices expressed concern about the plight of slum dwellers, saying, “Merely because you are a slum dweller doesn’t mean that you are left to the discretion of developers. They end up with a pittance.” The Bench also noted that the buildings allocated to slum dwellers were akin to “vertical slums”. “The buildings are congested. ..

Next Story
Real Estate

Ring in the New!

Lighting:OLED (organic light emitting diode) panels such as those by Philips are the latest option in soft lighting fixtures that can be embedded into walls, ceilings or furniture, says Nilesh Sawant, Principal Architect, Nilesh Sawant Architect. “Being thin and flexible, they lend themselves well to different applications while delivering the energy-efficiency associated with LED technology.”And Sapna Aggarwal, Founder, ANSA Architecture & Interiors, says “Embedded light-emitting diodes can create a dreamy illumination, while dimmable LEDs are useful for allowing..

Next Story
Infrastructure Urban

Jhansi Library

The Jhansi Library, commissioned by the Jhansi Development Authority (JDA) under the Jhansi Smart City initiative and built by Bootes Impex, a net-zero construction-tech company. It is the first library in Asia to achieve EDGE (Excellence in Design for Greater Efficiencies) certification from the International Finance Corporation (IFC), a member of the World Bank Group. This milestone marks the library as India’s first and only net-zero library, aligning  with India’s Net-Zero Vision 2070.Sustainable designDeepak Rai, Managing Director, Bootes Impex, explains, “The project's vision ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000